Nomo wrote:Austinbound wrote:Biglaw_Associate_V20 wrote:thisiswater wrote:Goal(s): Biglaw or corporate in-house
Regional Ties: Texas
School: SMU PT with 17k a year. Good standing so 2.0 required. Would mean my total cost (without interest accumulation) would be right around 84k
Other pertinent information: I chose SMU PT because I currently am working in Dallas in a corporate legal department and I like my job/want to keep it. I make 65ish a year depending on bonuses so I would plan on paying some of that expense out of pocket, but I would still have loans.
I did apply places other than SMU but at this point it is definitely my first choice. I'm just worried it is too expensive.
Do not do this. Even with a biglaw salary, it takes a long time to pay back 84k.
I was told earlier in the thread that SMU at <$100K would be okay with texas ties/plans to work in Texas.
There's no absolutely right answer. Plug 84k at 7.5% interest in a loan calculator and see what you're payments would be on a 10, 15, and 20 year repayment schedule. Consider the full range of employment options you might have and the likelihood of each. Also consider the time you're going to lose trying to work and do law school (3 years of your life isn't nothing). Consider the money you're going to spend on school that you otherwise could be investing (maybe at 5% or so). Put all this in a chart. Agonize over it for a few days. Ask trusted friends what they think. Agonize a little longer and decide. Would I do SMU part-time if I already had a 65k part-time job? No. Because I'd probably come out of school making less than I made before. But, its really up to you - maybe you hate your current job and are willing to take a paycut to be a lawyer. Just do your research and do it well.
Thanks for the input. I am looking at around 80K for SMU with interest and COL, so when I saw the previous post about that being too much I had a mild freak out lol. I'm still weighing out all of my options at other schools as well but SMU is a top choice as I would like to practice in Dallas.